Portuguese RMBS spikes amid BES mess

By Tom Porter
17 Jul 2014

Senior Portuguese RMBS bonds have found buyers at a level some 30bp wider in spread terms than they were before investors lost faith in the health of Banco Espírito Santo last week, while some offered Spanish RMBS have struggled to find suitable homes, traders told GlobalCapital this week.

Trading was suspended on the shares of both Banco Espírito Santo and its 25% shareholder Espírito Santo Financial Group last week as months of mounting fears over the group’s financial health came to a head.

In the fixed income market the widening on BES’ senior and subordinated debt has ...

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